The business scenario today has evolved and kept pace with technological developments. And AI has been at the helm of the change experience impacting literally every area that affects growth and development. The changing economic, geopolitical and social environments are in a state of constant flux and need businesses to adapt very quickly to tide over the changes in organizational dynamics, critical business glitches like employee retention and hiring or landscape requirements like being scalable and Agile.
Artificial intelligence can help bridge over troubled waters in many areas where human intelligence and limitations fail. Let us explore some of these critical areas where AI has and still has the potential to improve the business scenario.
The successful customer and user experience:
The experience of the customer is what tells brands apart and this differentiator is best exploited through successfully harvesting of the data and changes brought about by AI. Research and use of Walker data suggest that large multinationals like Adobe, Intuit, and EMC have benefitted greatly by entwining the customer experience into their operational daily routines of marketing, sales, and operational routines. And AI makes it possible to offer those great user-experiences crafted from forecasts and gleanings of data on why the customer buys, when and for how much, how the competition fares and their latest parleys, or what the customer wants from you.
The arsenal of data forecasts and insights can personalize an individual’s experience to match his needs, budget, etc, through a more seamless integrated process that offers high satisfaction and customer loyalty. The results are most helpful in rapidly predicting markets, changing products, forecasting customer- behavior, and staying up to date with the latest offers of technology. Thus AI is the one tool that has immense potential in accumulating, understanding and changing the fortunes of business enterprises by forecasting touch-points, trends, brand preferences, pricing strategies and more.
Bettering the hiring process:
The acquisition of skilled talent is critical to all businesses. However, most processes like recruitments, interviews, talent hunting, employee-referrals, and assessments are subject to very many biases, nepotism, controls, and flaws.
For bettering the hiring process certain tasks are all important. Firstly, one has to cast the net wide. Secondly, the talents need to be matched to the job requirements and the process of pivoting in on the right candidate needs to be free of human errors and bias. Lastly, the holistic use of data using the latest developments needs to be deployed. Not surprisingly, AI aided assistants today can make short work of the recruitment process while ensuring a great supply database for recruitments and keeping in mind the specifics of talent growing into higher roles and reducing the pitfalls of employee migration and retention issues.
Retaining and engaging the employees:
Skill and talent lie at the core of the hiring process. With increased demand comes the problem of retention and employee engagement turning into a competitive minefield. Poor management practices, lack of growth on the job and employee engagement have turned into major contributors for lack of retention of employees as is evident from surveys conducted by SalesForce and Gallup.
AI has enabled cutting-edge technologies like analysis of employee sentiments, biometric trackers, and such AI-empowered techniques can aid in effective retention through timely motivation, employee empowerment, continued learning opportunities and ensuring deserving rewards, career growth, skill up-gradation and more. More engaged employees mean better retention, employee loyalty, and engagement.
In parting, it is valid to note that AI helps the new operations in business which in turn can change the dynamics of a beyond satisfying customer-experience, growing engagement with employees, hiring and retention. People are assets to the company and the twist that AI and technology have brought in can easily transform companies through efficient dynamics, change and people management.
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